S&P 500 inches away from all-time highs amid rate cut expectations; GIFT Nifty up

Global Markets Outlook

US markets continued gains on March 07 with the S&P 500 trading 0.58 percent higher at 5,134.55, inches away from the 52-week high. The Nasdaq Composite surged 0.68 percent higher at 16,140.31 owing to continued expectations of rate cuts later during the year. The Dow Jones Industrial Average was also up 0.44 percent at 38,829.84. The GIFT Nifty traded in green due to positive global cues, up 0.20 percent higher at 22,593.50.

European markets traded up with the CAC crossing the 8000 mark, trading 0.72 percent higher at 8,012.16. The Dax traded 0.51 percent higher at 17,799.24 and the FTSE was up 0.30 percent at 7,702.08 at 20:30 IST.

Also Read: ECB takes small step towards rate cut as inflation falls

Earlier during the day, the Nifty ended flat-to-positive at 22,493.55 after a record-high intraday run. The Sensex traded marginally higher at 74,119.39 owing to strong foreign inflows and a bullish US Market sentiment.

The Nikkei was weighed down 1.23 percent to 39,598.71 despite the Yen surging owing to accelerating wage growth in Japan. The Hang Seng also dipped 1.27 percent to 16,229.78 despite tech stocks having pushed the index higher during the intraday trading session.

DIIs net purchased Rs 2,601.81 crores and the FIIs/FPIs net purchased Rs 7,304.11.

Crude fell into red on March 07 after a bullish run on Wednesday. WTI Crude was down nearly a percent to 78.38 and Brent Crude fell 0.74 percent to 82.35.